On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.
Recently, the price level of 1.1500 offered temporary bullish recovery towards 1.1750. The EUR/USD bulls failed to pursue towards higher bullish targets.
Last week, another bullish movement was demonstrated towards the upper limit of the price range (1.1750) which resulted in a daily shooting-star bearish candlestick reflecting evident signs of bearish rejection.
As for the bearish side of the market to be dominant, the EUR/USD pair should be able to push below 1.1520. First bearish target would be located around 1.1420.
Otherwise, the EUR/USD pair remains trapped within the depicted consolidation range (1.1520-1.1750) if no strong bearish pressure is applied against 1.1520.
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